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Manheim caught a significant decline in wholesale pricing for used cars

"The 4.2% drop is among the largest declines in MUVVI history."

On a mix, mileage, and seasonally adjusted basis, wholesale used-vehicle prices dropped 4.2% from May to June. Manheim’s Used Vehicle Value Index (MUVVI) fell to 215.1, a 10.3% decline from a year ago. 

According to Chris Frey, senior manager of Economic and Industry Insights for Cox Automotive, “The 4.2% drop is among the largest declines in MUVVI history and the largest decline since the start of the pandemic in April 2020 when the index plunged 11.4%.”  

He continues, “The year-over-year decline was also significant, with another 2.7% drop from May’s annualized 7.6% decline, but as was indicated last month, auction prices were lower in the fall of last year. As a result, we anticipate that these escalating year-over-year changes will diminish in the months to come as the market returns to normal.” 

The decline in June was a record for the month, and the seasonal adjustment had a minor influence. The unadjusted average price fell 10.1% over the past year due to a 3.8% decline in the non-adjusted price change from May to June.

With the same number of selling days as June 2022, the overall number of new light vehicle sales in June increased by 19.9% from the prior year. New car sales in June increased in volume by 0.5% from the previous month. The seasonally adjusted annual rate (SAAR) for June sales was 15.7 million, up 4.0% from the previously reported 15.1 million pace for May and up 20.2% from the 13.0 million pace from last year.

Total sales to big rental, commercial, and government fleets rose 45% from the previous year. Sales into rental fleets increased by 85%, commercial fleets by 15%, and government fleets by 41% year over year. According to estimates, the fleet market share increased from 16.3% in May to 17.4%, an increase of 2.1% above the share from the previous year.

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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